腾讯控股：业务展现韧性，游戏增长亮眼

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) [2] Core Views - The company's business shows resilience with impressive growth in gaming and advertising sectors [2] - The WeChat ecosystem is thriving, with significant advancements in AI deployment and commercial capabilities [2] - The gaming segment continues to grow healthily, with both domestic and international revenues showing positive trends [2] - Advertising revenue, particularly from video accounts, is experiencing high growth rates [2] - Financial technology and enterprise services are stable, with potential for recovery in the future [2] Summary by Sections Performance Overview - In Q3 2024, Tencent reported revenue of 167.2 billion yuan, a year-on-year increase of 8%, and a NON-IFRS net profit of 59.8 billion yuan, up 33% year-on-year [2] Business Analysis - WeChat's mini-program transaction volume exceeded 2 trillion yuan, reflecting a growth of over 10% year-on-year [2] - The gaming revenue reached 51.8 billion yuan in Q3 2024, marking a 13% increase year-on-year, with domestic game revenue at 37.3 billion yuan, up 14% [2] - Advertising revenue was 30 billion yuan, growing 17% year-on-year, with video account ads increasing by over 60% [2] - Financial technology and enterprise services revenue reached 53.1 billion yuan, a 2% increase year-on-year [2] Financial Forecasts and Valuation - Projected NON-IFRS net profits for 2024, 2025, and 2026 are 222.5 billion yuan, 252.6 billion yuan, and 275.2 billion yuan respectively [2] - The current stock price corresponds to a PE ratio of 15.57 for 2024, 13.71 for 2025, and 12.58 for 2026 [2]